April 28, 2021
According to a research report titled ‘Global Liquid Biopsy Market 2019-2027’ available with Market Study Report LLC, global liquid biopsy market is anticipated to register a strong CAGR of 21.54% during the forecast period 2019-2027.
As per research findings, rising prevalence of cancer cases especially among the geriatric population, and subsequent surge in the demand for diagnostic centers is primarily driving global liquid biopsy market growth.
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Growing application of tissue/tumor-agnostic medicines, rise in the number of government initiatives and enhanced penetration of precision medicine are further contributing to the industry expansion. Moreover, technological advancements are expected to provide opportunities for the industry to expand its scope.
For the unversed, a liquid biopsy is a non-invasive test that enables early stage detection of cancer and helps in assessing its molecular characteristics. Liquid biopsy tests help researchers, physicians, and surgeons determine an appropriate therapy that elevates the life expectancy of the cancer patients.
Elaborating on the factors impeding global liquid biopsy industry expansion, dearth of reimbursements coupled with a lack of skilled professionals pose a challenge to business operating in this domain. Additionally, a lack of consensus on standard operating procedures (SOPs) and the expensive nature of tests are anticipated to impede industry expansion in the forthcoming years.
Based on product gamut, the market is arrayed into cell-free DNA (CFDNA), extracellular vesicles, circulating tumor DNA (CTDNA), circulating tumor cells (CTCS), and others. By analysis purpose, the industry segmentation comprises monitoring, early screening/detection, diagnosis, and therapy guidance services.
Moving on, the application scope segment constitutes melanoma, prostate cancer, lung cancer, breast cancer, colorectal cancer, and others. Lastly, the end user spectrum of worldwide liquid biopsy market is defined by hospitals, clinical diagnostic laboratories, and physicians’ office laboratories.
Considering the regional outlook, Asia Pacific liquid biopsy market is witnessing remarkable growth and is currently the fastest-growing market. This can be ascribed to rising focus of major vendors towards expanding their reach in the region owing to abundance of inexpensive raw material, easy availability of labor, low cost of land, and widespread access to a huge patient base. Moreover, economic development and government support, are anticipated to add substantial traction to regional market development.
Top competitors in global liquid biopsy market sphere are Agilent Technologies, Inc., Argon Medical Devices, Inc., Cintec Medical Ltd., Ad-Tech Medical Instrument Corp., Qiagen N.V., Planmeca Oy, Cardinal Health, Inc., Fischer Medical Technologies, LLC, Bard1 Life Sciences Ltd., Boston Scientific Corp., B. Braun Melsungen AG, Roche Diagnostics Corp., I.M.S. Internazionale Medico Scientifica SRL, Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, and Cook Medical, Inc.